Takunda1 wrote:
Thanks everyone for your input. This is what we have decided. Sales price was 206K, cost of land is 34K, so we got coverage for 244k. Yearly premium is 717 after all the discounts. Do you think this sounds reasonable?
Year Built: 2009
Little Elm, TX 75068 Square Foot 3023
Construction Type Veneer
Insurance Company Meritplan Insurance Company
This quote includes: Extended Replacement Coverage On Your Dwelling.
A. Dwelling $244,000.00 D. Addl Living Expense $36,600.00
B. Other Structures $12,200.00 E. Personal Liability $300,000.00
C. Personal Property $122,000.00 F. Medical Payments $1,000.00
Deductible: $1,000.00
Estimated Annual Premium $717.00
**THIS POLICY DOES NOT INCLUDE COVERAGE FOR EARTHQUAKE OR FLOOD.
Note: Additional endorsements may have been included in this quotation.2
Please consult your agent if you have any questions regarding the comprehensive coverage of this package.
I don't know much construction costs are in TX, but in my area that amount would not come close to rebuilding a 3000 square foot home. But check to see what "extended replacement coverage" means - it might actually mean that you're covered for a certain percentage above the face value of the policy.
You could speak to a local builder to find out how much it would cost to rebuild your home in case of catastrophic loss.
I can imagine that there are limits to how much coverage you can get depending on the purchase or appraised value.
[Edited to correct typos and poor grammar.}
Message Edited by Lel on 11-19-2009 09:43 PM
